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McGrath real estate sinks 8.5 per cent after gambling debt revealed – The Sydney Morning Herald

Multiple sources familiar with William Hill Australia’s accounts have confirmed the company extends large lines of credit to Mr McGrath, who bets under a pseudonym and incurs average gambling losses of about $10 million a year. Mr McGrath has not settled his debt for some time, they said, leaving William Hill owed $16.2 million on its books.

Mr McGrath, 54, has previously denied having any gambling debt when questioned.

He sent a message to his staff on the weekend, claiming that Fairfax Media’s report was “rubbish”.

“I’m sorry that I have been targeted,” he said in the memo, “but I am more concerned about you guys than about me.

“This rubbish will not distract me and should not distract us … I have developed the belief that every…

Read the full article at: https://www.smh.com.au/business/companies/mcgrath-real-estate-sinks-8-5-per-cent-after-gambling-debt-revealed-20180205-p4yzeq.html

Category: GamblingBy Insolvency GuardianMarch 2, 2018

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McGrath real estate sinks 8.5 per cent after gambling debt revealed – The Sydney Morning Herald

Shares in listed real estate company McGrath Limited have fallen sharply on Monday.

Fairfax Media revealed on the weekend that the company’s multi-millionaire founder and soon-to-be executive chairman John McGrath has a $16 million debt to gambling company William Hill Australia.

Real estate identity John McGrath
Real estate identity John McGrath Photo: Daniel Munoz

On Monday morning shares in McGrath fell as much as 8.5 per cent to 43 cents before rebounding to 45 cents at midday (a drop of 4.26 per cent).

Mr McGrath has a 26 per cent shareholding in the eponymous real estate company as well as a significant stake in REA Group which is worth about $10 million.

Mr McGrath reportedly sent a message to his staff on the weekend responding to the Fairfax Media …

Read the full article at: http://www.smh.com.au/business/mcgrath-real-estate-sinks-8-5-per-cent-after-gambling-debt-revealed-20180205-p4yzeq.html

Category: GamblingBy Insolvency GuardianFebruary 4, 2018

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PreviousPrevious post:Houlihan Lokey Expands Financial Restructuring Business in Asia-Pacific Region With New Hire – Digital JournalNextNext post:Subcontractors stop work as major WA builder signals cashflow trouble – WAtoday

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Ex-NBA player Jontay Porter admits to gambling scheme that earned shady bettors $1M – New York Post
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